Tutellus is the No. 1 collaborative platform for education (EdTech) in the Spanish-speaking world. Since 2013, the company has been working continuously and now offers more than 120,000 video courses, serving one million learners in 160 countries. It has agreements in place with more than 80 HE providers and business schools.
Early start, big goals
The company started early (2013) and has since worked tirelessly to achieve its goal of changing the world and the way that people teach and learn. Its centralised matching platform, which matches teachers with learners, works much in the same way as platforms such as Airbnb, Udemy, Uber, and Etsy. While the online education sector was valued at $165bn in 2016, it remained highly inefficient. It was forced to confront problems associated with companies (an insufficient number of quality candidates), teachers (low motivation), and students (high costs with no returns).
Its very own token
In response, Tutellus developed a new digital asset called the TUT token: a token designed to enhance a new economic and business model based on trust and people relevance. It was launched over the ether network. Ether is one of the more powerful cyptocurrencies and a very real rival to bitcoin. There’s a total of 18 million maximum ether mined each year, according to coindesk.com. Five ether are created approximately every 12 seconds whenever a block or a bundle of transactions are discovered. As yet, no-one knows the exact number of ether. Ether (also known as ethereal) works both as a decentralised internet and a decentralised App Store and, in the process, supports a type of application known as a “dapp”. Financials for crypto investors are available on trading platforms like eToro, which feature a wealth of numerical data, such as Ethereum value, price changes over a day, a week, month, and longer.
Tutellus addressed the problematic model in four ways:
- Students needn’t pay and could, in fact, earn while they learn
- Students were motivated to help others
- After seeing their students succeed, teachers could find more value in teaching
- Companies could hire staff using a matching process – and in a more efficient way
Blockchain, the technology that drives cryptocurrencies such as bitcoin, makes it possible to efficiently implement Tutellus’s educational paradigm. The creation and management of the TUT token lie at the core of the new system and were the basic ingredients for a new reward system for teachers and students.
Formula for success
In order to make it a successful project, Tutellus contributed three key elements:
- A business model that has been working since 2013 with a community of 130,000 video courses and one million users.
- A platform capable of paying its users for both contributions and actions.
- A blockchain-run application that matches the needs of the online education market.
Not content with leading the Latin market, Tutellus intends to be No. 1 in the EdTech world. That ambition is the very reason it set up the TUT token in the first place. So far, in the Latin market, at least, it appears to have succeeded.